HS GROUP INTL LTD

What HS GROUP INTL LTD does

HS Group Intl Ltd is a Hong Kong-based institutional investment firm founded in May 2013 that specialises in providing seed capital to alternative asset managers, primarily across Asia. The firm operates three fund vehicles (Fund I launched September 2014, Fund II launched June 2018, and Fund III launched October 2024) with approximately $2.6 billion in assets under management, and its 12 portfolio companies collectively manage roughly $12.2 billion across 25 investment strategies spanning hedge funds, private equity, and other alternatives. HS Group was co-founded by Michael Garrow (CIO) and Johannes Kaps (CEO), and the firm maintains a strategic partnership with TPG Holdings. It serves global institutional investors, including endowments, foundations, pension plans, and sovereign wealth funds.

The firm operates a platform-based seeding model: it identifies emerging alternative asset managers, commits seed capital, and provides operational infrastructure, governance frameworks, and strategic guidance, with the intent to participate in manager growth and capture carried interest as portfolios scale. HS Group holds regulatory licences in three jurisdictions relevant to global institutional capital: the Hong Kong Securities and Futures Commission (SFC), the US Securities and Exchange Commission (SEC) as an Exempt Reporting Adviser, and the UK Financial Conduct Authority (FCA). The platform includes portfolio companies across geographies including Hong Kong, the United States, the United Kingdom, India/Southeast Asia, and Japan, and has extended into newer strategy areas such as decarbonisation via Mercator.

HS Group's business model follows standard fund economics: management fees on committed or invested capital (typically 1-2% in the industry) plus carried interest on portfolio fund performance. With approximately 11 employees disclosed in the source material, the firm operates as a relatively lean institutional platform relative to its AUM, relying on its TPG partnership and external service providers for scale functions. Geographic reach is anchored in Hong Kong with material portfolio presence in the US and UK, supported by its multi-jurisdictional regulatory footprint.

Name

HS GROUP INTL LTD

Legal name

HS Group (Hong Kong) Limited

Website

https://hsgfunds.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

HS Group Intl Ltd is a Hong Kong-based institutional investment firm, founded in 2013, that provides seed capital to alternative asset managers across Asia. It operates three funds with ~$2.6B AUM, backs 12 portfolio companies managing $12.2B across 25 strategies, and serves global institutional LPs.

Ownership category

akta.pro rank

Product category

Alternative Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Managed Account Platforms (Separately Managed Accounts / Customized Portfolios) (FSAHAKAC)

Keywords

• Alternative asset management
• Seed capital
• Hedge fund seeding
• Private equity funds
• Institutional investment management

Headquarters

HQ city

Central

HQ country

Hong Kong SAR China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Asset Management Fees and Capital Returns: HS Group generates revenue through managing and advising approximately $2.6 billion in assets under management and commitment across three private equity structured funds (Fund I, Fund II, Fund III). The firm provides long-term strategic seed capital to alternative asset managers and earns management fees and carried interest from fund operations. The funds have made investments in portfolio companies across Asia, Europe and the US.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

HS Group is an independent institutional investment firm that provides long-term strategic seed capital to alternative asset management firms (hedge fund and private equity managers), primarily focused on Asia, through three private equity structured funds (HS Group Sponsor Fund I, II, and III). The firm also provides Advisory Services via its Advisory Services Committee to help portfolio companies plan, build, run and grow institutional asset management businesses. As of April 30, 2026, HS Group manages and advises approximately $2.6 billion in assets under management and commitment.

Product overview

HS Group is an independent, institutional investment firm that provides long-term capital and strategic guidance to alternative asset management firms. The firm operates through three private equity structured funds (HS Group Sponsor Fund I, II, and III) that have made investments in portfolio companies across Asia, Europe and the US. As of April 30, 2026, the firm manages approximately $2.6 billion in assets under management and commitment. The firm also provides Advisory Services to help portfolio companies build and grow institutional asset management businesses. As of April 2026, the 12 portfolio companies manage approximately $12.2 billion in assets across 25 strategies.

Differentiator

Problem solved

Functional benefit

Products and services

• HS Group Sponsor Fund I The first private equity structured fund launched in September 2014, providing long-term strategic seed capital to alternative asset managers with a focus on Asia.
• HS Group Sponsor Fund II The second private equity structured fund launched in June 2018, continuing the firm's strategy of providing seed capital to alternative asset managers across Asia, Europe and the US.
• HS Group Sponsor Fund III The third private equity structured fund launched in October 2024, representing the firm's continued expansion in providing seed capital to alternative asset managers.
• Advisory Services Strategic advisory services designed to help HS Group's portfolio companies plan, build, run and grow institutional asset management businesses, including assistance with business development, investor relations, and operational guidance.

Quantifiable outcome

• 12 portfolio companies managing $12.2 billion in assets across 25 strategies
• +1 more outcomes

Named customers12 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• TPG HoldingscoreStrategic or Co-development Partner · 1 January 2013HS Group maintains a strategic partnership with TPG Holdings. TPG is a leading global alternative asset management firm. Jonathan Garfinkel, a Partner at TPG, serves on the leadership team of TPG Rise Climate and has served in numerous firm-related roles at TPG, including Co-Chief Operating Officer from January 2019 to June 2021.

Scale indicators6 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Man Investments: Part of Man Group, providing multi-manager and fund-of-hedge-funds solutions for institutional and private wealth investors. Comparable historical alternative multi-manager model, though now dominated by systematic/quant strategies.
• AMG (Affiliated Managers Group): Strategic partner to leading independent active investment management firms globally, taking minority equity stakes. Comparable in being a multi-affiliate alternatives platform, though broader and public-market listed versus HS Group's Asia-focused seeder approach.

Direct peers

• Grosvenor Capital Management: U.S.-headquartered multi-manager alternatives platform that seeds, acquires and manages stakes in hedge fund and private credit managers globally. Directly comparable to HS Group's fund-of-funds / seeder business model, though at significantly larger scale and broader geographic footprint.
• Landmark Partners (now part of Ares/OMERS): Historically one of the largest seeding and secondary-investment platforms for alternative investment managers. Direct functional peer to HS Group's seeding business, now operating under Ares after the OMERS acquisition.
• Hamilton Lane: Private markets investment manager that builds and manages fund-of-funds, co-investment and direct investment programs for institutional LPs. Comparable to HS Group as a multi-manager alternatives platform, with overlap in seeding/secondary-style capabilities and institutional LP focus.
• StepStone Group: Global private markets solutions provider offering fund-of-funds, separate accounts, co-investments and secondaries to institutional investors. Comparable in being a multi-manager alternative investment platform serving pensions, endowments and sovereigns.

Regional players

• Patria Investments: Latin American alternative investment manager offering private equity, infrastructure, credit and public-equity strategies via multi-manager/fund-of-funds structures. Comparable alternative-asset multi-manager model, with a different regional focus than HS Group's Asia anchor.

Others

• Albourne Partners: Global investment advisory firm focused exclusively on alternative investments, providing manager research, due diligence and portfolio construction to institutional LPs. Adjacent to HS Group's role as a manager-sourcing and diligence expert, though it does not deploy capital.

Emerging players

• iConnections: Technology and capital-introduction platform connecting institutional investors with alternative investment managers globally. Tangentially comparable as infrastructure supporting the same institutional-LP-to-alternative-manager relationship HS Group operates within.
• Mount Lucas Management: Independent multi-strategy alternative investment firm offering managed futures, global macro and multi-manager programs to institutional investors. Comparable as a smaller-scale, multi-manager alternatives platform serving institutional clients.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/hs-group-hong-kong

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HS GROUP INTL LTD